Purchase of Own Securities

BAILLIE GIFFORD JAPAN TRUST PLC 
31 August 1999


ON 31 AUGUST 1999 THE COMPANY PURCHASED FOR CANCELLATION 100,000 ORDINARY
SHARES AT A PRICE OF 875P PER SHARE, BRINGING THE TOTAL NUMBER OF SHARES
BROUGHT BACK TO 450,000.  THERE REMAINS 12,750,000 SHARES IN ISSUE.

BAILLIE GIFFORD & CO
MANAGERS & SECRETARIES